CREDITOR’S RECEIPT AND USAGE OF PAYMENTS RECEIVED Sample Clauses

CREDITOR’S RECEIPT AND USAGE OF PAYMENTS RECEIVED. Any and all moneys or payments that the Creditor has received and collected that are not regulated by any provisions granted outside of this Agreement and which are in accordance with this Agreement’s terms and conditions will be held by the Creditor as a form of security for the full and just compensation to be provided by the Obligations. The Creditor, however, may choose to utilize such payments received for the purpose of lowering, partially or entirely, such Obligations required by the Grantors whenever such lowering is considered applicable or necessary by the Creditor.

Related to CREDITOR’S RECEIPT AND USAGE OF PAYMENTS RECEIVED

Indemnification In the event any Registrable Securities are included in a Registration Statement under this Agreement:
IN WITNESS WHEREOF the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.
Definitions As used in this Agreement, the following terms shall have the following meanings:
Insurance The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage at least equal to the aggregate Subscription Amount. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.
Entire Agreement The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.
Termination This Agreement may be terminated at any time prior to the Closing:
Governing Law This Agreement shall be governed by and construed in accordance with the laws of the State of New York.
Notices All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given (i) if delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third (3rd) business day after the date on which it is so mailed:
Miscellaneous a. A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from the registered owner of such Registrable Securities.
WHEREAS highly competent persons have become more reluctant to serve publicly-held corporations as directors, officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of such corporations;